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Compromise is wise way for the FSA

The FSA has changed its mind about plans to regulate investment trusts which might have seen a repeat of the split-cap debacle.

Sensible restrictions put in place after the scandal broke, such as having to declare cross-holdings, were to be jettisoned for overseas investment companies.

It would have been very foolish of the regulator to do so although the issue did show how the FSA must reconcile London’s competitiveness with investor protection. It has chosen a sensible compromise and and we applaud it for taking such a wise course of action. Any repeat of the split-cap debacle would have knocked confidence in such types of funds for generations and that would have been the ultimate blow to competitiveness.

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